INCOME TAX-SMALL BUSINESS LOAN

What it does

The legislature's own summary of the bill, or its official long title.

Amends the Illinois Income Tax Act. Creates a credit for financial institutions with less than $50,000,000,000 in assets in an amount equal to the aggregate amount of all fees, penalties, and any other income derived during the taxable year from each commercial loan transaction that is (i) less than $5,000,000, (ii) originated by the financial institution, (iii) made to a person residing or located in this State, and (iv) made primarily for a business or agricultural project in this State. Effective immediately.

Every action

9 steps, oldest first, as the legislature records them.

1. Feb 7, 2025SenateFiled with Secretary by Sen. Paul Faraci
2. Feb 7, 2025SenateFirst Reading
3. Feb 7, 2025CommitteeReferred to Assignments · Senate Assignments
4. Feb 25, 2025CommitteeAssigned to Revenue · Senate Revenue
5. Mar 21, 2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
6. Apr 11, 2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
7. May 9, 2025SenateRule 2-10 Committee/3rd Reading Deadline Established As May 23, 2025
8. May 23, 2025SenateRule 2-10 Committee/3rd Reading Deadline Established As June 1, 2025
9. Jun 2, 2025CommitteeRule 3-9(a) / Re-referred to Assignments · Senate Assignments

Roll calls

No recorded votes on this bill yet.

Sponsors

The member who introduced it.

• Paul FaraciD Primary sponsor · District 52